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Minister of Finance Ho Duc Phoc |
Minister of Finance Ho Duc Phoc has requested the Insurance Supervision and Administration Department to inspect and monitor insurance companies including insurance agents and insurance brokers following the complaint that insurance enterprises associated with banks force customers to buy new insurance. According to customers’ grumble, credit establishments forced customers to buy insurance or introduce depositors to invest in affiliated insurance products contrary to regulations, they will lend capital.
The State Bank of Vietnam (SBV) announced the hotline (024) 388266344/(024) 3936.1017. Email: duongdaynong.cqttgsnh@sbv.gov.vn in order to promptly receive complaints and recommendations from people, agencies and businesses related to the insurance services of credit institutions.
The State Bank also said that the Banking Inspection and Supervision Agency, in collaboration with the Insurance Supervision and Administration Department under the Ministry of Finance agreed to set up a hotline for the two agencies. Moreover, inspectors of the two agencies will handle violations in credit institutions.
According to the SBV, it has regularly issued documents warning credit institutions about the provision of insurance-related services, in which, it requires credit institutions to seriously implement the legal provisions in the Law on Credit Institutions, the Law on Insurance Business and related documents as well as provide complete and accurate information about insurance products, insurance enterprises, and insurance buyers, and fully and clearly explain insurance benefits.
Last but not least, credit facilities are not allowed to declare information about insurance buyers without their consent. Especially, the central bank prohibits credit institutions to force customers to buy insurance.
The State Bank said that it will take strict measures in case it is discovered that employees forced customers to buy insurance. The central bank warned that credit institutions take full responsibility before the law for this act.
